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    Key features

    • To be offered on Tuesday 26 November
    • High Yielding Retail/Leisure Investment
    • Let to Loungers plc (t/a Ocullo Lounge)
    • 15 Year Lease Expiring 17/01/2038 (No Breaks)
    • Vacant Upper Parts Offering Development Potential (stp)
    • Prominent Corner Pitch
    • VAT Free Investment
    • Investment Let at £75,000 p.a. (10% GIY on Guide Price)

    Description

    The property comprises a high yielding retail/leisure investment let on a 15 year lease with no breaks to Loungers plc.

    Arranged across ground and three upper floors, the ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038. The tenant commenced occupation in 2023 and we understand approx £1.3m was spent on fit-out.

    The ground floor retail unit at 5-7 Nevill street is sold off on a Long Leasehold basis at a peppercorn rent.

    The upper parts to the second, third and fourth floors are currently vacant and may be suitable for development to provide alternative uses, including residential (subject to obtaining the requisite consents).

    The Grade II listed building occupies a prominent corner pitch in the historic centre of Southport. The street benefits from high footfall and is characterised by a mix of local and national retailers and restaurants. Nearby occupiers include Caffe Nero, Prezzo, and HSBC.

    Additional information

    Tenure

    Freehold

    Tenancy

    The ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038.


    The lease is on effective FR&I terms and includes 5 yearly, upward only, open market rent reviews.


    The ground floor retail unit at 5-7 Nevill street is sold off on a Long Leasehold basis at a peppercorn rent.


    Loungers plc


    • D&B Rating - 5A2
    • Turnover (2024) - £353m
    • Pre-Tax Profit (2024) - £11.4m
    • Total Assets (2024) - £409m

    Source: ICANS


    Founded in 2002; the Loungers Group operates from over 260 sites across the UK. The group continues to grow with ambitions to expand by 30 new stores per year.

    Rent

    £75,000 per annum
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      EPC rating

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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